NOIDA: A day after the Gautam Budh Nagar administration proposed up to 50% rebate on
circle rates to boost investment in the twin cities, the
UP stamps and registration department on Thursday directed its officials in all districts to conduct a similar study in their respective areas and revise the cost of registering properties accordingly.
TOI reported on Thursday that Gautam Budh Nagar district magistrate BN Singh’s had proposed to reduce the cost of registering commercial and institutional properties as well as group housing societies to boost investment in the twin cities where the real estate market is in a prolonged slump with flat deliveries running years behind schedule and commercial properties witnessing tepid demand.
Inspector general of UP stamps and registration department, Ministhy S, has shared the report among registration department officials across the state and asked them to do a similar exercise to eliminate the disparity in the market price and circle rates of properties in some areas, officials said.
SK Singh, assistant commissioner of stamps and registration, Gautam Budh Nagar, said “the district administration is getting good response from different stakeholders after the rebate in circle rates was announced”. “We are open to receive feedback till July 21 from residents, investors, developers,
CREDAI, etc. We will analyse and incorporate the feedback and submit them to the government. The revised circle rates will be implemented from August 1,” he added.
Circle rate is the minimum value at which sale or transfer of property takes place.
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